To make the picture clear, instead of presenting three charts, I have added and adjusted short positions held by Managed Money in these commodities. Please, look at the chart below:
Well, every time the Managed Money was totally pessimistic about any market, no new down leg started. Quite contrary - if such was a case, we saw the market bouncing up. Looking at the highest short position in three popular commodities, I think the rebound will be really surprising.